Remarks in a single day through CS on the euro:
EUR/USD extends its rejection from our long-held ‘measured base goal’ at 1.2355 and with RSI momentum holding a triple bearish divergence and with the USD rebounding from main help and our subsequent core goal, we proceed to search for a consolidation section to emerge
Beneath worth help at 1.2208 has seen a minor prime full with help seen subsequent at 1.2129/22.
- While a rebound from right here must be allowed for at first, our bias is seen for a break sooner or later and a deeper setback to 1.2065/59 – the December low and 38.2% retracement of the November/January rally – the place we then search for an try to discover a flooring
Resistance is seen at 1.2231 initially, with a break above 1.2285 wanted to ease the rapid draw back bias for a retest of 1.2345.55.
- Past right here can reassert the core uptrend with resistance seen subsequent at 1.2414 subsequent forward of 1.2477 after which our core goal from final July at 1.2518/98
For financial institution commerce concepts, try eFX Plus